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Banksy Artwork Burned And Turned Into Digital Art By Crypto Fans; Sold As NFT For $380K

A group of anonymous and self-proclaimed cryptocurrency enthusiasts burnt an original Banksy artwork which has been titled ‘moron’.

Banksy

A group of anonymous and self-proclaimed cryptocurrency enthusiasts burnt an original Banksy artwork. A YouTube channel called ‘Burnt Banksy’ uploaded a live stream of the first-ever authenticated Banksy art burning. “Hi everyone. I am excited to share with you today the first ever burning of an authentic Pest control certified Banksy piece. After the burn, we will mint an original NFT with the help of SuperFarm which is an innovative new platform for accessing and selling NFTs”, wrote the person in the caption.

Burning Banksy's artwork

The channel further mentioned that the auction has been opened on Opensea.io. On the auctioning page, the all time average price of the artwork is $227.9824. According to the caption, the piece was created back in the year 2006. “We see this event encapsulating the first ever major transition of a physical art piece into a digital one”, read the caption. 

The group sees the burning event as an ‘expression of art’. The group said that they are generating a new form of artwork through the creation of this NFT. According to the caption, the group sees it as a direct representation of the physical. The group feels that burning the artwork is important because as long as the physical piece exists, the value of that piece will remain as it is. However, if the artwork is entirely re-created then it will be difficult for people to alter the digital art in any way. “In this way the physical piece will forever be memorialized in this NFT”, read the caption. 

The group aims on inspiring new tech and art enthusiasts with their work. "We believe NFTs hold tremendous promise and blockchain technology can help to further diversify art expression as we have demonstrated with this Banksy burning", the YouTube channel said. On the official website, the description of the artwork said that the piece was created upon the burning of the original Pest Control-certified Banksy Morons print #325 of 500.

(Image Credits: Opensea.io)

 

 

 

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